JinkoSolar Announces First Quarter 2016 Financial Results

SHANGHAI, May 30, 2016 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the first quarter ended March 31, 2016.

First Quarter 2016 Highlights

Total solar module shipments were 1,600 megawatts (“MW”), which includes 166 MW to be used in the Company’s downstream projects. Total solar module shipments decreased by 6.4% from 1,710 MW in the fourth quarter of 2015 and increased by 102.7% from 789 MW in the first quarter of 2015.

Total revenues were RMB5.47 billion (US$847.8 million), representing a 10.0% decrease from the fourth quarter of 2015 and an increase of 98.8% from the first quarter of 2015.

Solar power projects generated 210 GWh of electricity, representing a 36.4% increase from the fourth quarter of 2015, and an increase of 81.7% from the first quarter of 2015. Revenues generated from solar power projects were RMB185.5 million (US$28.8 million), representing a 36.1% increase from the fourth quarter of 2015 and an increase of 81.7% from the first quarter of 2015.

As of March 31, 2016, the Company had connected 1,007 MW worth of solar power projects.

Gross margin was 21.3%, compared with 19.5% in the fourth quarter of 2015 and 20.3% in the first quarter of 2015.

Income from operations was RMB573.7 million (US$89.0 million), compared with RMB482.7 million in the fourth quarter of 2015 and RMB230.0 million in the first quarter of 2015.

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB313.3 million (US$48.6 million), compared with RMB349.4 million in the fourth quarter of 2015 and RMB51.0 million in the first quarter of 2015.

Diluted earnings per American depositary share (“ADS”) were RMB9.32 (US$1.44), compared with RMB10.92 in the fourth quarter of 2015 and RMB1.60 in the first quarter of 2015.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in the first quarter of 2016 was RMB414.6 million (US$64.3 million), compared with RMB503.5 million in the fourth quarter of 2015 and RMB171.2 million in the first quarter of 2015.

Non-GAAP basic and diluted earnings per ADS were RMB13.20 (US$2.04) and RMB11.20 (US$1.72), respectively, in the first quarter of 2016.